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- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
- A Culprit for Financial Site Glitches: You and Your Apps
- Investor Protection, Capital Formation and Market Integrity Are Top Priorities in SEC Budget Request
- We Must Stop Out-Of-Control Trading or U.S. Capitalist System Will Break Down - Dick Bove
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NEWSLETTERS & ALERTS
Wells Fargo Likely to Clawback Carrie Tolstedt’s Stock Options
Carrie Tolstedt, the former chief of consumer banking for Wells Fargo, retired last July after 27 years with the bank. In the process, she took home $125 million in stock, options and restricted Wells Fargo shares – some of which had not yet vested. At the time, there was no mention of a ‘clawback’ to any of the stock and cash compensation had been awarded. But that appears that will be changing.
The Wells Fargo Board of Directors is expected to clawback the entire lot of stock options that Ms. Tolstedt had been awarded - valued at nearly $54 million in today’s market. No comment was available from either Wells Fargo or Ms. Tolstedt's counsel.
It isn't clear whether Ms. Tolstedt was responsible for, or even aware of, the widespread abusive tactics that took place in the Community Banking division of the bank that she ran during the entire period in which the customer abuse was alleged. That division includes retail banking and credit card divisions. Rather, througout that period, Ms. Tolstedt was regularly praised for her unit's ability to get customers to open numerous accounts. And, for a number of years, the Wells Fargo's proxy statement, which details executive pay, cited high "cross-selling ratios" as a reason that Tolstedt had earned her roughly $9 million in annual pay.
Too good to be coincidental?